CG Distribution

James Murphy Tax

Question My query relates to Capital Gains distribution in a family trust. Have 3 beneficiaries who are presently entitled and could receive a distribution of CG in the 20/21 year. A – earns $3000 in the year. B – earns $50,000. C – is a foreign resident for tax purposes (no earnings here). Could you please show what would be …

Employee – Not Called or Reported to Work

James Murphy Tax

Question We require clarification on an issue we are experiencing with an employee. The individual has not called or reported to work yesterday or today. Their usual workdays are Tuesday, Wednesday & Thursday. Can you advise how long it must be before they have “abandoned” their place of employment? Can you advise if we still must pay them for a …

2021-22 Federal Budget Update

James Murphy Tax

2021-22 FEDERAL BUDGET TAX OVERVIEW Introduction… The 2021-22 Budget outlines the Morrison Government’s plan for recovery from the impacts of the COVID-19 pandemic focused on growing the economy and creating jobs for Australians. On 11 May 2021, Treasurer Josh Frydenberg handed down his second “pandemic budget” amidst a backdrop of continuing uncertainty. Acknowledging that the virus is a continuing threat …

GST – Investment Property Transfer/Sale

James Murphy Tax

Question I have a few questions about GST on investment property transfer as below: My individual client bought a brand-new house from the developer. She then leases it back to them (for them to use as a display unit) for two years. After that she plans to sell the house immediately. Will there be GST on the sale price? My …